Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and Team Can I have your current view on Perenti (PRN) - It has gone up about 10% in the last week. Do you see further upside? Would you be holding or selling into current strength? Being in the Mining services - is this like your view on SRG in yesterday's webinar - sell as a funding vehicle? regards Debbie
Hi Debbie,
PRN rallied this week after securing a new 5-year $1bn mining contract with AngloGold Shanti, only a month after the company decided not to pursue an extension to its contract at the Khoemacau Copper mine which should allow it to beat guidance for free cash flow. We think the stock is re-rating on the upside and another 10-20% wouldn’t surprise with the stock trading on 8.7x FY25 earnings and a more than 4% yield, relative to SRG Global (SRG) which is now on 21x. Another example of why SRG looks expensive to us.
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